Parker Company identifies depreciation as the only difference for future taxable amounts. In Year 1 , its depreciation for financial reporting purposes is $9.000 and $10,500 for income tax reporting purposes. Parker has an income tax rate of 35%. Assume that Parker's taxable income for Year 1 is $150,000. Required: Prepare the journal entry to record Parker's income tax expense. Prepare the joumal entry to record Parker's income tax expense on December 31. Genaral Journal Instructions How dees sroding work